Life insurance isn’t for me. I’m too young/healthy.
I have life insurance through my employer. That should be enough, right?
I’m not the breadwinner in my family, so I don’t need life insurance.
If any of the above thoughts have crossed your mind, the good news is that you aren’t alone. These are a few of the most common things we hear from people who are considering (or not considering) life insurance. The bad news, however, is that they aren’t entirely accurate. The assumptions that you don’t need life insurance or that your existing plan is enough are just that: assumptions…myths.
Let’s examine a few of the most common myths about life insurance. And then let’s debunk them. Sound good?
Myth #1: I’m too young for life insurance.
The Reality: Get ready to have your mind blown because…the truth is that the best time to buy life insurance is when you’re young. Is your mind blown yet? When you’re young, life insurance policies tend to be more affordable because you have less assets and lower premiums. The longer you wait, the more expensive your plan could be. And, of course, if you wait too long, it could be too late.
Myth #2: I don’t qualify because of health issues.
The Reality: This is not a total myth. It’s true that certain high-risk health conditions can disqualify you from life insurance. But you do have options, and only an insurance brokerage like us can help present you all of your options in the most affordable way.
Myth #3: It’s too expensive.
The Reality: Studies upon studies have proven that most people far over-estimate how much their life insurance policy will be, and based on their own inaccurate over-estimation, don’t end up buying one until it’s too late (if they buy one at all). Don’t be one of those people. Schedule a consultation with your insurance agent, and you might just be surprised with how affordable a life insurance policy can be.
Myth #4: I’m not the breadwinner, so I don’t need it.
The Reality: You might not be the breadwinner, but you do contribute to your family. Whether it’s financially or even by taking care of the kids during the day, your family will need that extra income. Life insurance can also allow the breadwinner to stay home from work to help the family as they adjust to the loss.
Myth #5: I get life insurance through work, so I’m good.
The Reality: It might not be enough. Oftentimes, insurance policies granted through employers don’t include things like commissions, bonuses and second incomes, which means they won’t sufficiently replace your lost income. Plus, you can often find a better, more affordable deal on your own or through a broker.
September is Life Insurance Awareness Month! Remember to contact us with any questions or concerns you may have about your own life insurance policy.